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| Michigan- Office of Financial Regulation |
The Office of Financial and Insurance Services (OFIS) is responsible for the regulation of Blue Cross Blue Shield, 31 HMOs, 131 banks, 175 domestic insurance companies, 265 credit unions, 1,300 foreign insurance companies, 1,583 investment advisors, 2,164 securities broker-dealers, 6,000 consumer finance lenders, 75,000 insurance agents, and 120,715 securities agents.
Michigan is the first state to coordinate regulation of financial institutions, insurance, and securities industries under the federal Financial Services Modernization Act of 1999.
The Office of Financial and Insurance Services operates under two distinct offices - The Office of Financial Evaluation and The Office of Policy, Conduct and Consumer Assistance.
OFIS can offer assistance to consumers if they have questions or complaints about credit unions, insurance companies, banks, securities, and HMOs.
In the upcoming years, OFIS is seeking to create functional regulation for the financial services industry. Government regulators often apply a model of regulation to modern organizations that is a result of 130 years of experience. With changing complexities in banking and insurance companies, the old-fashioned model cannot maintain a pace consistent with the industries. Regulators must become adept at interpreting and regulating complex service enterprises that did not even exist five years ago.
It is OFIS' duty to sustain an active relationship with Michigan's consumers. This involves keeping consumers informed and helping them adapt to industry developments. Most consumers are not aware of the complex changes occurring in the financial industry.
Through adaptability and consumer communication, the staff members of the Office of Financial and Insurance Services strive to be the preeminent financial service regulators in the United States.
Use the attached link to access current information for the Michigan Office of Financial and Insurance Services
http://www.michigan.gov/cis/0,1607,7-154-10555-40268--,00.html
Contact and Location Information
Financial and Insurance Services
P.O. Box 30220
Lansing, MI 48909
Ph: (517) 373-0220
or (877) 999-6442
Fax: (517) 335-4978
email: ofis-info@michigan.gov
Financial Institutions ofis-fin-info@michigan.gov
Insurance Licensing ofis-licensing@michigan.gov
Securities ofis-sec-info@michigan.gov
Filing a Complaint
Consumers are encouraged to first attempt to resolve disputes with their financial services entities. However, if a resolution cannot be reached, the Office of Financial and Insurance Services can assist in trying to resolve the dispute. If you would like assistance, complete one of the complaint forms relating to your financial services entity and submit to the office.
Use the attached link to access the appropriate complaint forms and get more information on the complaint process. .
http://www.michigan.gov/cis/0,1607,7-154-10555_12902_12907---,00.html
Entities Regulated
The Office of Financial and Insurance Services is responsible for the regulation of the following entities.
- Banks
- Blue Cross Blue Shield of Michigan
- Community Choice
- Consumer Finance
- Credit Unions
- Insurance
- Securities
Laws and Regulations
Use the following link to access information on the laws and regulation the office is responsible for enforcing.
http://www.michigan.gov/cis/0,1607,7-154-10555_13167---,00.html
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT
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